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How can I make extra money?

I am 54, live alone and a divorcee. I have a job that pays $30,000 a year, yes, not much. I was able to raise two beautiful children, with child support coming in occasionally. My children have graduated from college and doing well. My dilemma now is, after paying for my daughter's wedding, visiting my daughter out of state a couple of times a year, and every day expenses and rising costs, I am starting to struggle. I am not able to save for an emergency fund, which I had at one time. I was holding a part time job for 3 nights but that has been reduced to 1 night. I am in debt of $6,000.00. I can pay above the minimums, but that will take time. I am in the process of moving from a 2 bedroom apt. to a 1 bedroom apt, which should save me $100.00 a month. From this move, I am looking into everything I have accumulated, which isn't much, and either giving away to shelters or selling on Ebay. I had to buy a new cheap car, because my older car, of 17 years, died. I buy the minimum of food to get through the week. I could marry my boyfriend of 14 years, and everything would be great, but, I am not interested in getting married. I want to live alone and take care of myself. I do pull the plugs out of sockets, use the minimum of lighting, wear extra warm clothing and layering. I have even learned to knit. So, now I wear my fingerless gloves, hat and scarf to bed for warmth. I don't mind cutting down and living like this, it is rather adventurous, but I just need to bring in a little more money each month to feel stable. Anyone have any other ideas on how I can save money to feel more secure?

Re: How can I make extra money?

I think taking the money you save from rent and putting it into savings is something to give a serious thought to. Some experts like to say $1,000 is a good amount for an emergency fund while others have differing amounts. I believe the amount needed for an emergency really depends on your situation.

It needs to be set according to your real unexpected expenses and the possibilities. A person who does not own a car will never have the cost of unexpected break downs and a person without children or pets never has to pay for expenses for them but if your appliances are all near to breaking then you are more likely to have to deal with replacing one than someone who has good working ones. Evaluate your situation and determine a goal for your savings.

Are you snowballing your debt? Can you pay just the minimums on debt to rebuild the savings?

Re: How can I make extra money?

My dilemma now is, after paying for my daughter's wedding, visiting my daughter out of state a couple of times a year, and every day expenses and rising costs, I am starting to struggle.

It was admirable of you to pay for your daughter's wedding. Please do not feel obligated to give anything else to your grown children now that you are starting to struggle in your own budget. Could your daugher come to visit you once a year, instead of your traveling to see her twice a year? That would save the expense of one trip each year.

younglady50:

I do pull the plugs out of sockets, use the minimum of lighting, wear extra warm clothing and layering. I have even learned to knit. So, now I wear my fingerless gloves, hat and scarf to bed for warmth.

That's incredible! That's what we Dollar Stretchers call "black belt frugality." I anticipate that your move will save not only in rent cost, but also your utilities. It seems logical that utilities are cheaper on a one-bedroom place than a two-bed place. When you move, ask if your utility deposits can be waived or transfered to your new apartment. When you have lived in the apartment long enough, consider asking your utility companies for "budget billing." It might be called something different where you live, but it's basically paying a set amount of $ each month for your bills based on the average of your utility usage the previous year. It's not a money saver per se, but it makes your utility bills set to a predictable amount you can budget for.

As far as making extra money, could you sell some knitted goods on etsy.com or ebay.com? I'm not familiar with selling handmade goods, but maybe someone else here could give you some solid guidance on getting started. Could you offer babysitting services on the nights and weekends? I am the mother of three kids, and I always felt more comfortable with a grown adult babysitting them instead of a teenager.

Re: How can I make extra money?

Yes, I have heard and used the snowballing effect. And, what a good feeling when at least one debt is paid off. I generally try to pay off the lowest balance. It gets paid quicker and I feel I have accomplished that debt off my list. Also, I have 2 credit cards with 0% rates due to balance transfers. That is another reason why I put more than the minimum on those cards because of the limited time I have with that interest rate. Thanks for that great tip.

Re: How can I make extra money?

Feel free to visit my blog in my signature. I have been working from home for ten years and I don't do any businesses that require any investment, I have always done work from home jobs. Some are very, very part time and some are full time so you could find something that fits around your other job to bring in some extra income. Just don't get scammed, no legitimate work from home jobs should cost you anything unless they are charging you for their background check which would be very minimal.

Re: How can I make extra money?

I am just going with "making extra money". You could housesit, dog walk, maybe babysit on the weekends? You could clean a house or two, get a part time job at night? Retail or waitress? Do online surveys, I heard they pay a few bucks...

I think you are in a great position to make extra money to put toward your debt if you are healthy enough to work and don't have anybody at home who depends on you!

You are doing great as far as saving and being frugal!

Good luck!!

Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

Re: How can I make extra money?

I agree about knitting a few things to earn extra money. My DD, who will be 7 in March, has a knitted blanket that was gifted to her at my baby shower. She will NOT part with it. It's pink and soft and a pretty simple design from what I can tell. I used to bundle her in it as an infant. You don't even have to be a hardcore salesperson; just knit during your break and people will ask you about it. Usually once people know you have a skill like that they will want to know if you are selling any of your wares or could you make X in a certain color for their niece/nephew/child/grandchild.

And the tip about using your rent decrease to boost an emergency savings is really spot on. You could split the money in some fashion and start your emergency savings while also adding to your debt repayment (for example, $75 into savings with $25 towards debt repayment).

I'm glad to you're not getting married if you are not ready to do so. Caving to the pressure of others is often when we make some of our worst mistakes. You know what is right for you.

Re: How can I make extra money?

I forgot to ask.... Do you live in area of the country where expenses are higher? For example, any of the major cities or suburbs. Or would you say you're more in a lower cost of living area, like parts of the midwest?

Re: How can I make extra money?

I believe that the biggest way for you to save some money is to start being completely honest with your children about your financial situation. I didn't stop asking my parents for money until they told me that finances were tight . I imagine that if your daughter knew that you were wearing hats and scarves to bed to stay warm she would not have had you pay for her wedding (or at least only part of it). Maybe her family could help pay for half of your airfare to come see them?

Re: How can I make extra money?

I agree with highorderguilt about being honest with daugther. My mom is 90 years old next month and I cannot afford to go to her party in another state. She knows my situation and would KILL me if I spent money to do that. It breaks my heart that I cannot go, but I am honest with my mom and she is honest with me and you cannot buy that!

Your daughter loves you and wants you to be comfortable now that she is out - you did good!

Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

Feel
free to read the great frugal living tips, ideas and discussions
readers and community members have posted here. But if you'd like to
post something or start a discussion, please click here to go over to our new community site and create an account.

Feel
free to read the great frugal living tips, ideas and discussions
readers and community members have posted here. But if you'd like to
post something or start a discussion, please click here to go over to our new community site and create an account.

Dollar Stretcher, Inc. does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for his or her own situation.